Technology reduces time and space, that’s why businesses are always advancing their process using technology to bring efficiency. Blockchain technology, developed as the distributed ledger of transaction works as a platform to facilitate the distribution of information between the participants by creating distributed database, the data information that is distributed in the Blockchain is a valuable asset and Blockchain acts as a system that secures the data.
Every business transaction consists of set of data contains the participant, buyers and sellers, orders, payment method, discount amount, detailed payment invoices, and so on. In an online marketplace, this set of data are stored centrally based on the marketplace platform. Adapting the data in the blockchain based platform, all the data information are accurately recorded using cryptography, and stored in blocks
The trading ecosystem are about to implement Tokoin as a highway of data distribution. By recording transaction in Tokoin, all participants involved are secured in the ecosystem of blockchain with tokens as signs of credibility scoring. Every participants get benefit according to their own needs. Partners get relevant data, while user as the downstream participants will benefit from access to business expansion and funding opportunities. In the transaction stage, Tokoin provides permanent record of data information and transactions. The accuracies are guaranteed for each transaction recorded are traceable and immutable. Tokoin will operate as an infrastructure that stores data in a decentralised manner. After the MSME as users input their profile and their transaction data properly, they can secure their reputation profile. As informations, datas from users will be validated as valuable asset. Partners as service providers stack tokens to acquire the data to determine the credibility of their prospective clients.
We have made an important positive development to adapt more participants in our ecosystem. With the proposed ideas and approach to utilise data distributions for credit scoring and business growth, Tokoin aims to bring an elevation in the economic growth by leveraging and sustaining MSME as the powerful driver of a country’s economy in the emerging market.